If you're looking for more "cost-effective" means of developing presentation-quality renderings for clients, you may want to look into SketchUp. As far as modeling goes, it doesn't get any easier. There are also about a half-dozen photo-realistic-quality stand-alone rendering engines that are also free (Kerkythea and Podium, just to name a couple). Plus, there are literally dozens of architecture-specific rendering tutorials on the web (try Sketchucation).
However, there is also a version of V-Ray for SketchUp, which can be fully integrated into the SketchUp program. Fortunately, although V-Ray isn't free (at $799), it's considerably less expensive than 3DS or ACA, plus the material editor is second to none. Also, there's a pro version of SketchUp (at $495). The best thing (in my opinion) about these programs, however, is that there won't be any resellers constantly hassling you about licensing fees. If you want to stick with a certain version forever, then you can. (What a novel idea, right?!)
And if you find that SketchUp doesn't fit your needs, there's always Blender, a free alternative to 3DS that's more advanced/complicated than SketchUp.
My recommendation is that you download SketchUp (the free version) and the 30-day trial of V-Ray for SketchUp and take it for a test drive.
Ross Kirby
Principal
Dynamik Design
www.dynamikdesign.com